Explanation

The Customs Act was enacted on 3rd March, 1969.

This to regulate customs duties, imports, exports, and transit of goods in Pakistan.

It officially came into effect on 1st January, 1970.

This setting the framework for customs procedures and enforcement.

Explanation

Sales Tax on Service is not a federal tax; it is typically levied by state or local governments.

The Customs Duty and Federal Excise are federal taxes collected by the national government.

Explanation

CBR stands for Central Board of Revenue.

The Central Board of Revenue was created on April 01, 1924.

through the enactment of the Central Board of Revenue Act, 1924

In 1944, a full-fledged Revenue Division was created under the Ministry of Finance until 1960.

 In 1974, further changes were made to streamline the organization and its functions.

In 1991, the CBR once again reverted to its original status under the Revenue Division,

however, in January 1995, the Revenue Division was abolished and the CBR was once again reverted to a division of the Ministry of Finance.

In 2007, the "FBR Act" was passed in July 2007,

whereby the Central Board of Revenue was renamed to the present-day Federal Board of Revenue (FBR) and for a third time placed again under the Revenue Division of the Ministry of Finance

*****

Must Read it

Who is the current Federal Minister for Investment Board__________?

Who is the current chairman of FBR?

RK151222

Explanation

All properties, assets and records of the Central Board of Revenue were transferred to FBR by the enactment of FBR Act 2007.

**

CBR stands for Central Board of Revenue.

The Central Board of Revenue was created on April 01, 1924.

through the enactment of the Central Board of Revenue Act, 1924

In 1944, a full-fledged Revenue Division was created under the Ministry of Finance until 1960.

 In 1974, further changes were made to streamline the organization and its functions.

In 1991, the CBR once again reverted to its original status under the Revenue Division,

however, in January 1995, the Revenue Division was abolished and the CBR was once again reverted to a division of the Ministry of Finance.

In 2007, the "FBR Act" was passed in July 2007,

whereby the Central Board of Revenue was renamed to the present-day Federal Board of Revenue (FBR) and for a third time placed again under the Revenue Division of the Ministry of Finance

*****

Must Read it

Who is the current Federal Minister for Investment Board__________?

Who is the current chairman of FBR?

RK151222

Explanation

Income tax ordinance, 2001 became effective from 1st July 2002.